Apple's board has also approved a new $100 billion share repurchase authorisation and a 16 per cent increase in our quarterly dividend, he said. Wall Street was said to be in "Full Panic Mode" over Apple.

'The fact that its shares rose only 2% after hours, shedding some of their initial gains, suggests that the tech firm has yet to convince everyone that it remains a growth stock rather than a more mature cash machine, ' said Mould.

That came on top of $22.8 billion in buybacks executed in the prior quarter, "a record amount for any issue in any quarter", analyst Howard Silverblatt said.

In fact, it's worth noting that global sales accounted for 65 per cent of Apple's revenue during the quarter.

"We were surprised somewhat that through all of this period of time that the iPhone X winds up as the [best] selling, most popular [device] for every week. since the launch" in November, Cook said Tuesday during a conference call with analysts.

Sales of the iPad were also up slightly in terms of units sold and on revenue, continuing a modest resurgence of the company's tablet business. For the April-June quarter, the company forecasts revenues between $51.5 billion and $53.5 billion, compared to analysts prediction of $51.6 billion. Shares remained strong in pre-market trading yesterday and were up 3pc at 4.42am in NY.

Investors have also anxious that Apple's influence in China, the company's No 2 market, is waning amid stronger competition from Chinese rivals. Applereported that its services business grew 31 percent from the same time previous year. The iPhone X is the most expensive phoneApple has ever made.

Apple Inc lavished cash on its shareholders like no company in history in the first three months of the year and it intends to keep doing so, making the iPhone maker's investors the clearest winners yet from last year's sweeping USA corporate tax cuts.

While actual iPhone X numbers were never revealed, the ASP rise and Tim Cook's mention of it being the top-selling iPhone model speak to Apple's flagship being far from a flop. And its good to know that the higher that percentage, the more the company retains on each dollar of sales, to service its other costs and the debt obligations, and Apple Inc. "I think the smartphone market is sort of the best market for a consumer product company in the history of the world".

"As we're able to grow the services business, that should provide a positive (to margins), a tailwind", Maestri said in an interview. Apple's services business brought in a healthy $9.2 billion revenue in the March quarter, up 31% YoY.

There had been increasing concerns about iPhone sales in the run-up to the results.

"There's obviously huge opportunities there for us and we have extremely low share in that market overall and so we're putting a lot of energy there", Cook said on Tuesday's call with analysts.

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